Micro

Question 1

How do you calculate Marginal utility

Answer 1

Change in total utility / change in no. Of units consumed

Question 2

How do you calculate PED

Answer 2

%change in Qd/
%change in P

Question 3

How do you calculate YED

Answer 3

%change in Qd/
%change in Y

Question 4

How do you calculate XED

Answer 4

%change in Qd of A/
%change in P of B

Question 5

How do you calculate PES

Answer 5

%change in Qs/
%change in P

Question 6

How do you calculate MSB for consumption externalities

Answer 6

MSB = MPB + MEB

Question 7

How do you calculate the MSC for production externalities

Answer 7

MSC = MPC + MEC

Question 8

What is the calculation for profit

Answer 8

Total rev - total costs

Question 9

How do calculate revenue

Answer 9

P x Q

Question 10

How do you calculate profit per unit

Answer 10

AR - AC

Question 11

How do you calculate average revenue

Answer 11

AR = TR / Q

Question 12

How do you calculate marginal revenue

Answer 12

Change in TR / change in Q

Question 13

How do you calculate total costs

Answer 13

TVC + TFC

Question 14

How do you calculate average total cost

Answer 14

TC / Q

Question 15

How do you calculate average fixed cost (AFC)

Answer 15

TFC / Q

Question 16

How do you calculate average variable cost (AVC)

Answer 16

TVC / Q

Question 17

How do you calculate Average Product (= output per person, or productivity)

Answer 17

Total output / No. Of workers

Question 18

How do you calculate Marginal cost

Answer 18

Change in TC / change in Q

Question 19

How do you calculate Marginal Revenue Product

Answer 19

MRP = MPP (marginal physical product) x price

Question 20

How do you calculate the Wage Elasticity of Demand for Labour

Answer 20

WED[L] = % change in Q of L demanded /
% change in W

Question 21

How do you calculate the Wage Elasticity of Supply of Labour

Answer 21

WES[L] = % change in Q of L supplied /
% change in W